&
COUPLES QUIZ:
WHAT’S YOUR FINANCIAL COMPATIBILITY?
Dollars C
$ense
$
$
$
ouples frequently avoid talking
about money before marriage. That’s
unfortunate, because sharing perspectives
about money can help couples resolve the
financial issues that doom many marriages.
The following financial compatibility quiz can
help couples discuss financial issues before
they wed. Answer true or false to each of the
following statements.
1.We are aware of and comfortable with each
other’s money personalities.
$
2. We have discussed our short- and longterm financial goals.
3. My future spouse and I are well versed in
personal finance.
4. My future spouse and I have discussed a
plan to structure our finances.
5. We have planned for the affect that
marriage will have on our taxes.
6. We have decided how to divide the money
management tasks.
7. We understand the importance of
establishing a realistic budget.
8. I know my future spouse’s investment
personality and risk tolerance.
9. I know how much debt my future spouse is
bringing into our marriage.
10.We have made a commitment to discuss
money regularly.
Answering “true” to eight or more statements
indicates that you and your future spouse
are on your way to a stable financial future.
However, it’s still a good idea to continue to
communicate and work together.
If you answered “true” to five–seven statements,
you and your future spouse need to devote
more time to planning your financial future
together. With a little luck, you can achieve
financial compatibility.
If you answered “true” to fewer than five
questions, you don’t need to call off the
wedding just yet. Instead, make a sincere
commitment to discuss these issues and
consider meeting with an experienced financial
planner who can help you start your marriage
on firm financial footing.
Read on to learn more about the importance of
each question.
1. We are aware of and comfortable with each
other’s money personalities. Some of us grew
up in families where our parents watched every
dime; in other families money flowed easily.
Some people measure self worth in terms
of money and possessions. Some people are
natural spenders, others are savers.
Understanding your future spouse’s background
and values can help avert problems down the
road.
2. We have discussed our short- and long- term
financial goals. Setting financial goals helps you
develop priorities and define the type of lifestyle
you will lead. Break down your goals into
manageable pieces. If you want to buy a house
in five years, determine how much you need to
save monthly to meet the down payment.
3. My future spouse and I are well versed in
personal finance. Parents and schools rarely
provide training in personal finance. Work
together to develop your financial knowledge
and build confidence by taking a course,
meeting with a financial planner or purchasing
a reputable book.
4. My future spouse and I have discussed a plan
to structure our finances. Will you pool all
your resources into joint accounts, maintain
separate accounts or devise some combination
of the two? There is no right or wrong answer.
The key is to come up with a plan that works for
you both.
5. We have planned for the affect that marriage
will have on our taxes. The marriage “penalty”
means that you and your future spouse together
are likely to pay more taxes than you each did
as singles. Check with a CPA or tax professional
to ensure that you are prepared to meet your
© A joint project of CalCPA Institute and the American Institute of Certified Public Accountants
www.calcpa.org/FLC • (800) 922-5272 • These materials are intended for volunteer purposes only.
tax responsibilities and aware of any tax law
changes in this area.
6. We have decided how to divide money
management tasks. Decide who will be
responsible for balancing the checkbook, filing
taxes and tracking investments, or better yet,
set up a plan for rotating these and other
financial tasks.
7. We understand the importance of
establishing a realistic budget. Couples without
a budget tend to live and spend from day to day.
A valuable budget helps you save regularly, use
income wisely and avoid misunderstandings
about how money is spent.
8. I know my future spouse’s investment
personality and risk tolerance. Investing styles
are different, ranging from conservative to
risky. Take the time to arrive at a level of risk
where you both feel comfortable.
9. I know how much debt my future spouse is
bringing into our relationship. Couples must
enter marriage knowing how much debt they
each carry and how it will be paid.
10. We have made a commitment to discuss
money regularly. Differences are inevitable. How
you handle them is important to your marriage.
CPAs agree that ongoing, honest
communication is the key to a lifetime of
financial compatibility. $
© A joint project of CalCPA Institute and the American Institute of Certified Public Accountants
www.calcpa.org/FLC • (800) 922-5272 • These materials are intended for volunteer purposes only.
$$
$
$
$